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FINANCIAL NEWS
Egypt’s Centamin cleared to export gold
08 Jan 2013
(MENAFN) Egyptian gold miner Centamin was given the clearance to resume exports, after blocking it for several weeks because it did not have the proper permits, Reuters reported.
Customs officials said that a 400 kg shipment of Centamin’s gold was banned from being exported until it received a permit from the country’s Petroleum Ministry.
According to Magdy Abdel Aziz, the head of the central department at the cargo customs section of Cairo airport, Centamin faced difficulties over the last three months, including a court questioning its right to produce gold at its only mine, customs officials holding up exports, and the country’s petroleum ministry disrupting fuel supplies.
He added that the company finally obtained the necessary permits to export the gold to Canada for purification before it is sold on world markets.
In December the company halted its mining activities at the Sukari mine on Egypt’s Red Sea coast after it was temporarily denied permission to export gold, causing a shortfall in working capital, a situation which has since been resolved.
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